51-59 kirkgate & 7-19 queensgate bradfordleisure premises fronting queensgate, arranged over...
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prime, high yielding, freehold, retail investment opportunity
51-59 KIRKGATE & 7-19 QUEENSGATE BRADFORD
51-59 kirkgate & 7-19 queensgate, BRADFORD BD1 1PZ
LocationBradford is a strategically located commercial centre in West
Yorkshire, approximately 11 miles (17km) west of Leeds, 12 miles
(19km) north of Huddersfield and 39 miles (62km)east of
Manchester. The City is 200 miles (320km) north of Central London.
Bradford has excellent access to the national motorway network,
with the M606 linking the City Centre with Junction 26 of the M62
motorway, which in turn provides access to the A1, M1 and M6.
Bradford benefits from regular rail services to Manchester, Leeds
and York, with a direct service to London Kings Cross, with an
approximate journey time of 2 hours and 30 mins.
Leeds Bradford International Airport is located approximately 9
miles to the north east of the city, and offers regular domestic and
international flights.
Demographics Bradford’s primary catchment area population is 407,000, in line
with the sub-regional centre average, ranking the city 55th out of
Investment Considerations
• A prime location on Kirkgate
• Opposite Kirkgate Shopping Centre and within close
proximity to Primark, McDonalds and Santander
• Secured to reputable covenants to Poundworld Retail Ltd,
JD Sports Fashion Plc and Thomas Cook Retail Ltd
• Current Gross Income of £366,000 pax
• Modern well configured building comprising 24,438 sq ft
(2,270 sq m)
• Freehold
• Offers in excess of £2,160,000 (Subject to Contract and
Exclusive of VAT) which reflects a Net Initial Yield of 16%
the PROMIS centres. The estimated shopping population of
Bradford is 184,000, ranking the city 71st of the PROMIS centres.
The population is expected to see significantly above average
growth over the period 2011 – 2016 (Source: PMA).
Bradford ranks 61st in terms of the volume of comparison retail
spend available for the catchment. In 2010 the service sector
accounted for 71% of total employment in Bradford, slightly below
the Retail PROMIS Average. There are a number of major
employers in the area, including Bradford City Council, University
of Bradford and the Bradford Teaching Hospital Foundation Trust.
In addition, Yorkshire Building Society, Morrisons Supermarket
and Provident Financial all have their headquarters in Bradford.
Retailing in BradfordThe current retail floorspace is estimated at 1.48 million sq ft, above
the sub-regional average and ranking the City 35th of the PROMIS
centres on this measure. The prime retailing in Bradford is currently
focused on Darley Street, Kirkgate, Bank Street, Ivygate, Market
Street, Hustlergate and Broadway, all of which are pedestrianised.
Bradford
51-59 kirkgate & 7-19 queensgate, BRADFORD BD1 1PZ
Retailers in these key locations include Marks & Spencer, Topshop, Burtons, Superdrug, Waterstones, Brighthouse, JD Sports and
Primark.
The prime retail thoroughfare is situated on the pedestrianised
section of Darley Street from Kirkgate to Marks & Spencer, which
then extends into Darley Row in the Kirkgate Centre.
The Crownway Investments owned Kirkgate Shopping Centre
comprises approximately 380,000 sq ft of retailing on three levels,
with tenants including Primark, Boots, WH Smith, River Island
and Poundland who all have representation.
Planning Consent was granted in 2012 for a new shopping centre,,
which will total 570,000 sq ft and comprises over 70 shops,
restaurants and cafes and 1,300 car parking spaces. This has
been forward purchased by Westfield and Meyer Bergman.
Debenhams, Marks & Spencer and Next are all pre-let for the
scheme. Construction is well underway on site, with an estimated
opening time of Autumn 2015.
SituationThe subject premises are located towards the western end of
Kirkgate, between Queensgate and Albion Court. Nearby occupiers
include Primark, Halifax, McDonalds, Footlocker and Holland & Barrett.
The PropertyThe property comprises 3 separate retail units arranged over
ground and first floors fronting Kirkgate. The properties are
serviced via the front of the building. The holding also includes a
leisure premises fronting Queensgate, arranged over ground and
lower ground floors.
7-19 Queensgate
51-59 kirkgate & 7-19 queensgate, BRADFORD BD1 1PZ
VACANTVACANT
Gems
51-59 kirkgate & 7-19 queensgate, BRADFORD BD1 1PZ
TenureFreehold.
Current Income pax£366,000 pax
Service ChargeThere is a service charge in operation. Further information is available upon request.
EPCEPCs are available upon request.
VATThe property has been elected for VAT and any disposal will be by way of a Transfer of a Going
Concern (TOGC).
Accomodation & TenanciesUnit
Description Tenant Name
Area Analysis (sq ft)
Rent Start Date Expiry DateNext O/S Review CommentsGFS ITZA 1st
Unit 1 Poundworld Retail Ltd 4,115 1,083 2,559 £142,500 29/09/2002 28/09/2017 -
Unit 2 JD Sports Fashion Plc 3,859 1,084 2,864 £140,000 29/09/1999 28/09/2019 -
Unit 3 Thomas Cook Retail Ltd(Sublet to IRG Bradford Ltd)
802 514 856 £65,000 29/09/1999 28/09/2019 -
7-19 Queensgate Laterthought Limited 5,676 3,707 £18,500 04/12/2014 03/12/2024 - G&P have not measured this unit. Areas provided by the vendor. Fixed Uplifts as follows: 24/04/2016= £20,000 pax, 24/04/2017= £25,000 pax, 24/04/2018 - 03/12/2024 = £30,000 pax. Rent deposit of £6,000.
Total 24,438 Gross Current Rent £366,000
Covenant Strength
TenantD&B
RatingFinancial Year
End Turnover Profit (Loss) Net Worth
Poundworld Retail Ltd 3A 1 31/03/2014 £345,259,000 £5,002,000 £11,498,000
JD Sports Fashion Plc 5A 1 01/02/2014 £1,330,578,000 £57,850,000 £155,436,000
Thomas Cook Retail Ltd 5A 1 30/09/2014 £37,578,000 (£32,322,000) £75,341,000
MISREPRESENTATION These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy himself and as to the correctness of these details. Neither the agents nor the vendors or lessors are to be or become under any liability or claim in respect of these particulars. These particulars are supplied on the understanding that all negotiations are conducted through this office. June 2015. Adrian Gates Photography & Design 07710 316991
Further InformationFor further information or to arrange an inspection, please contact:
Ed Smith020-7659-4831
David Freeman020-7659-4830
Patrick Over020-7659-4832
James Baillie020-7659-4839
Proposal We have been instructed to seek offers in excess of £2,160,000 (Two Million, One Hundred and Sixty Thousand Pounds), Subject to Contract & exclusive of VAT, which reflects a net initial yield of 16%, allowing for purchaser’s costs of 5.8%.